A Report by CYS Global Remit FinTech Development Team
As we step into the final stretch of the year, it's the perfect juncture for reflection and strategic planning. In the upcoming weeks, we are excited to share key insights that hold relevance for CYS Global Remit. These insights are derived from a comprehensive survey conducted by Bottomline, capturing inputs from over 500 players in banking and non-banking financial institutions across various sectors.
The survey spans crucial domains such as Treasury, Fraud, Operations, Innovation, Product, and Technical Implementation, drawing insights from C-level executives in 32 countries globally. The spectrum of topics covered includes real-time/instant payments, cross-border payments, ISO 20022 messaging, transitioning from on-premises to SaaS, compliance and regulation, cash positioning and fraud monitoring, and pre-validation (Confirmation of Payee).
At the forefront of priorities, real-time payments continue to hold sway, closely followed by the imperative to mitigate fraud risks. This echoes the present times, where heightened customer expectations for instant services define the post-COVID digital banking landscape.
Taking a closer look at the focus on mitigating fraud risk, this year's percentage has seen an uptick compared to 2021 (+7%), although it's slightly less than the figure recorded in 2022 (+8%). This nuanced shift can be attributed to the evolving landscape of real-time payments, with concerns about the potential for fraudsters exploiting this immediacy. Initiatives by regulatory bodies, such as the Payments System Regulator in the UK and Singapore's MAS Shared Responsibility Framework, underscore the commitment to address these challenges.
At CYS Global Remit, we recognize that embracing real-time payment capabilities necessitates a parallel investment in robust real-time compliance capabilities. This proactive approach aims to dispel any apprehensions among consumers. Leveraging a suite of technologies, CYS Global Remit is poised to counter fraud with tools like bank account validation and pre-transaction monitoring, instilling confidence in our customers.
Stay tuned for more insights as we delve deeper into the dynamics shaping our industry and charting the course for the future at CYS Global Remit.
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